Read time: 2 minutes

Freshman Dem Stumps Jamie Dimon Over Employee Pay Shortfall

Rep. Katie Porter asked a simple question: How are Dimon's employees supposed to make up a $500 shortfall between living expenses and what they're paid at JP Morgan Chase. He had no real answer.
Views:

During Wednesday's hearing with bank CEOs, Rep. Katie Porter drove home how wide the gap is between Jamie Dimon's lavish lifestyle at $31 million per year and a theoretica entry-level employee at JP Morgan Chase.

In Porter's scenario, she imagined a single mom of a 6-year old living in Irvine, CA. She found a job at JP Morgan Chase on Monster.com advertised at $16.50 hourly wage. She then proceeded to outline how this single mom would face at least a $567 shortfall each month after taxes and expenses.

During my questioning, @jpmorgan CEO Jamie Dimon said he didn’t know if all my numbers were accurate. Here’s the math so he can check. pic..com/OIDkrWfASC

— Rep. Katie Porter (@RepKatiePorter) April 10, 2019

Her question for Dimon was simple: "How should she manage this budget shortfall while she’s working full-time at your bank?"

Hedging, Dimon answered, “I don’t know that all your numbers are accurate. That number is generally a starter job. You can get those jobs out of high school, and she may have my job one day."

Oh! That pie-in-the-sky attitude, where if you just hope hard enough as a single parent of a six-year old making $16.50/hour, you too can make $31 million a year. It's like a drug. An insidious, addictive, lie-drug.

Porter would have none of it, reminding Dimon that maybe she would, but TODAY she's $500 short of meeting her bills.

“She may,” Porter shot back. “But, Mr. Dimon, she doesn’t have the ability right now to spend your $31 million.”

Porter pressed on. Would that single mom run up credit cards or would she just write bad checks and suck up the overdraft fees? Maybe a payday loan, I think, driving her even farther into debt. God forbid that single mom needs a car repair, or has a doctor bill. What then?

Dimon's final answer? “I don’t know. I’d have to think about it.”

Raise your hand if you think he won't give it another thought.


More C&L Coverage

Comments

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.